QQQ3.L vs. SPY

Last updated Jun 5, 2026

QQQ3.L (WisdomTree NASDAQ 100 3x Daily Leveraged) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - QQQ3.L is a Nasdaq-100 fund tracking the NASDAQ-100 Index (300%), while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, QQQ3.L returned 43.93%/yr vs 15.16%/yr for SPY. A 0.52 correlation means they provide meaningful diversification when combined. QQQ3.L charges 0.75%/yr vs 0.09%/yr for SPY.

Performance

QQQ3.L vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree NASDAQ 100 3x Daily Leveraged (QQQ3.L) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QQQ3.L achieves a 56.06% return, which is significantly higher than SPY's 8.45% return. Over the past 10 years, QQQ3.L has outperformed SPY with an annualized return of 43.93%, while SPY has yielded a comparatively lower 15.16% annualized return.

QQQ3.L

• 1D: -2.48%
• 1M: 19.87%
• YTD: 56.06%
• 6M: 50.04%
• 1Y: 119.69%
• 3Y*: 64.10%
• 5Y*: 26.81%
• 10Y*: 43.93%

SPY

• 1D: -2.58%
• 1M: 0.51%
• YTD: 8.45%
• 6M: 8.18%
• 1Y: 25.79%
• 3Y*: 21.43%
• 5Y*: 13.32%
• 10Y*: 15.16%

*Multi-year figures are annualized to reflect compound growth (CAGR)

QQQ3.L vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QQQ3.L WisdomTree NASDAQ 100 3x Daily Leveraged	56.06%	27.64%	59.91%	209.50%	-79.58%	87.37%	110.13%	128.92%	-21.29%	114.27%
SPY State Street SPDR S&P 500 ETF	8.45%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between QQQ3.L and SPY is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (10Y) Calculated over the trailing 10-year period	0.55
Correlation (All Time) Calculated using the full available price history since Dec 28, 2012	0.52

The correlation between QQQ3.L and SPY shifts across timeframes, from 0.52 (all time) to 0.64 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

QQQ3.L vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

QQQ3.L

QQQ3.L Risk / Return Rank: 69
QQQ3.L Sharpe Ratio Rank: 82
QQQ3.L Sortino Ratio Rank: 68
QQQ3.L Omega Ratio Rank: 64
QQQ3.L Calmar Ratio Rank: 70
QQQ3.L Martin Ratio Rank: 60

SPY

SPY Risk / Return Rank: 66
SPY Sharpe Ratio Rank: 66
SPY Sortino Ratio Rank: 63
SPY Omega Ratio Rank: 66
SPY Calmar Ratio Rank: 60
SPY Martin Ratio Rank: 73

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

QQQ3.L vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree NASDAQ 100 3x Daily Leveraged (QQQ3.L) and State Street SPDR S&P 500 ETF (SPY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	QQQ3.L	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.63	2.14	+0.49
Sortino ratio: Return per unit of downside risk	3.07	2.88	+0.20
Omega ratio: Gain probability vs. loss probability	1.38	1.39	-0.01
Calmar ratio: Return relative to maximum drawdown	3.44	2.92	+0.53
Martin ratio: Return relative to average drawdown	10.78	13.50	-2.72
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QQQ3.L vs. SPY - Sharpe Ratio Comparison

The current QQQ3.L Sharpe Ratio is 2.63, which is comparable to the SPY Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of QQQ3.L and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	QQQ3.L	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.63	2.14	+0.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	0.78	-0.35
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.73	0.85	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	0.58	+0.24

Drawdowns

QQQ3.L vs. SPY - Drawdown Comparison

The maximum QQQ3.L drawdown since its inception was -81.35%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for QQQ3.L and SPY.

Drawdown Indicators

	QQQ3.L	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-81.35%	-55.19%	-26.16%
Max Drawdown (1Y) Largest decline over 1 year	-35.92%	-8.88%	-27.04%
Max Drawdown (3Y) Largest decline over 3 years	-58.20%	-18.76%	-39.44%
Max Drawdown (5Y) Largest decline over 5 years	-81.35%	-24.50%	-56.85%
Max Drawdown (10Y) Largest decline over 10 years	-81.35%	-33.72%	-47.63%
Current Drawdown Current decline from peak	-2.48%	-2.90%	+0.42%
Average Drawdown Average peak-to-trough decline	-19.62%	-9.05%	-10.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.49%	1.91%	+9.58%

Volatility

QQQ3.L vs. SPY - Volatility Comparison

WisdomTree NASDAQ 100 3x Daily Leveraged (QQQ3.L) has a higher volatility of 14.73% compared to State Street SPDR S&P 500 ETF (SPY) at 3.73%. This indicates that QQQ3.L's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QQQ3.L	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.73%	3.73%	+11.00%
Volatility (6M) Calculated over the trailing 6-month period	34.78%	9.31%	+25.47%
Volatility (1Y) Calculated over the trailing 1-year period	47.01%	12.12%	+34.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.24%	17.09%	+45.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.91%	17.95%	+41.96%

QQQ3.L vs. SPY - Expense Ratio Comparison

QQQ3.L has a 0.75% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

QQQ3.L vs. SPY - Dividend Comparison

QQQ3.L has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.00%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QQQ3.L WisdomTree NASDAQ 100 3x Daily Leveraged	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.00%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both QQQ3.L and SPY in my portfolio?

QQQ3.L and SPY have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, QQQ3.L or SPY?

On fees, SPY is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QQQ3.L or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.75% for QQQ3.L.

What is the main difference between QQQ3.L and SPY?

QQQ3.L is categorized as Nasdaq-100, while SPY is S&P 500. QQQ3.L tracks NASDAQ-100 Index (300%), while SPY tracks S&P 500 Index. They also come from different issuers: WisdomTree and State Street. Their fees differ too: 0.75% for QQQ3.L and 0.09% for SPY.